Turkish Mobility Firm Marti Technologies Allocates 20% of Cash Reserves to Bitcoin Amid Growing Corporate Interest in Crypto.

Marti Technologies, a mobility super-app based in Istanbul, has allocated 20% of its surplus cash reserves to Bitcoin, marking the first Turkish company listed on the New York Stock Exchange to integrate cryptocurrency into its treasury operations. The move aims to preserve long-term value and protect against inflation and fiat currency depreciation. CEO Oguz Alper Oktem believes Bitcoin and certain other crypto assets represent a long-term store of value, similar to cash or gold. The company will hold these digital assets with a regulated, institutional-grade custodian.

Marti Technologies, a mobility super-app based in Istanbul, has allocated 20% of its surplus cash reserves to Bitcoin, marking a significant step in the integration of cryptocurrency into its treasury operations. This move, announced by CEO Oğuz Alper Öktem, aims to preserve long-term value and protect against inflation and fiat currency depreciation [1].

The decision to invest in Bitcoin and other crypto assets is part of a broader strategy to maintain the value of Marti's cash reserves. Öktem believes that Bitcoin and certain other crypto assets represent a long-term store of value, similar to cash or gold. The company will hold these digital assets with a regulated, institutional-grade custodian, ensuring secure and compliant management of its crypto holdings [1].

Marti Technologies provides tech-enabled urban transportation services through its mobility app, operating ride-hailing services that connect riders with car, motorcycle, and taxi drivers. The company also manages a fleet of electric vehicles, including e-mopeds, e-bikes, and e-scooters across major Turkish cities. The allocation of 20% of its cash reserves to Bitcoin is expected to have no impact on Marti's primary business operations, which remain focused on mobility and transportation growth [1].

The stock price of Marti Technologies Inc (NYSE: MRT) has seen fluctuations in response to the announcement, falling 6.7% after the initial announcement of the Bitcoin treasury strategy [2]. As of the latest update, the stock price stands at $2.68. Analysts have provided varying sentiments, with some predicting a strong buy while others remain cautious, noting potential risks such as volatility in the cryptocurrency market [2].

Marti's decision to invest in cryptocurrency aligns with a growing trend among companies seeking to diversify their cash reserves. The move underscores the increasing acceptance and potential of cryptocurrencies as a viable investment option, particularly for preserving value in uncertain economic conditions.

References:
[1] https://cryptobriefing.com/crypto-cash-allocation-marti/
[2] https://www.investing.com/equities/mortons-restaurant-group-inc